Wolfspeed reported a challenging QQ1 2025, posting revenue of $194.7 million and continuing negative profitability metrics as the company scales its silicon carbide (SiC) and GaN device manufacturing. Gross profit was negative at -$36.2 million, yielding a gross margin of -18.6%. Operating income reached -$230.1 million and net income was -$282.2 million, with an EPS of -$2.23. EBITDA totaled -$146.2 million, underscoring the early-stage nature of capacity ramp and the high fixed-cost burden associated with expanding production for a rapidly growing addressable market. The quarter also featured substantial capital expenditure and a cash burn profile, with CFO of -$132.0 million and free cash flow of -$570.2 million, driven by -$438.2 million of capital expenditure as Wolfspeed continues to invest in its manufacturing base. The balance sheet remains highly levered, with total debt of $6.18 billion and net debt of $5.45 billion, a debt ratio of 0.786, and an interest-coverage gap (negative) at -3.57x. Near-term profitability hinges on meaningful revenue growth and/or significant cost discipline and working-capital optimization as the company scales operations in a capital-intensive market. Management commentary (where available) was not provided in the data; no earnings-call transcript was supplied for direct quotes.